Zee Media Bureau
New Delhi: Prime Minister Narendra Modi on Tuesday said the Indian economy was a bright spot but corruption and black money were destabilising the country.
In a surprise address to the nation, the prime minister took the fight against black money to a new level and scrapped the use of Rs 500 and Rs 1000 notes with effective from midnight tonight.
Declaring war on black money, Modi, scrapping the notes, said they could be returned to bank for exchange till December 30. However, from 12 midnight tonight, they will not be legal tender.
From midnight tonight #Rs1000 and #Rs500 will not be legal tender, says PM.
— Press Trust of India (@PTI_News) November 8, 2016
Currency notes of Rs 1000 and Rs 500 will be just paper with no value, PM said.
He also informed thta people can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016.
People can deposit notes of #Rs1000 and #Rs500 in their banks from November 10 till December 30, 2016: PM.
— Press Trust of India (@PTI_News) November 8, 2016
However, for those who cannot change their Rs 500 and Rs 1000 notes by December 30, they can do so till March 31, 2017 providing they provide ID proofs.
Those unable to deposit #Rs1000, #Rs500 notes by Dec 30 for some reason, can change them till March 31, 2017 by furnishing ID proof.
— Press Trust of India (@PTI_News) November 8, 2016
Meanwhile, Modi informed that credit cards and debit cards will work as normal and be accepted so.
Meanwhile, the prime minister informed that new notes of Rs 500 and Rs 2000 would be issued soon.
Modi also said black money to the tune of Rs 1.25 lakh crore have been unearthed during last two-and-a-half years.
